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To: Joseph G. who wrote (2037)	5/29/1998 11:21:00 AM
From: Cynic 2005	Read Replies (3) of 86076

Our friend in a high place (-g-) Bill Fleckenstine (sp) has this to say on Wed reversal in his yesterday's market rap column. Near miss? Yesterday's stock market turnaround was one the bulls dearly hoped for, because a close beneath 8898 in the Dow or 1085 in the S&P would have triggered a Dow theory sell signal--something we haven't seen in this bull market. If it happens in the future, the market cannot easily dismiss it as just another broken indicator. When the rally started yesterday, the Dow was almost 100 points below its trigger level. The rally saved more than just the day, because if a Dow theory sell signal had occurred, I'm sure many technicians would have made something of it. You may not know exactly what Dow theory is all about, but it's an old technical indicator with a pretty good long-term track record. I'm not much of a technician myself, but some of these things do have some basis in common sense. The magic numbers to keep in mind are 8898 in the Dow and about 1085 in the S&P. Until Firday, that's the Rap! find the rest at www.stocksite.com -MMV

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